ICICI Bank Reports Robust Q3 Growth Amid Core Income Surge

ICICI Bank reported a 15% increase in standalone net profit in Q3, driven by core income growth. Net profit rose from Rs 10,272 crore to Rs 11,792 crore, while total income increased to Rs 48,368 crore. The bank's asset quality improved, and digital investments are set to enhance customer experience.

ICICI Bank, India's second-largest private sector lender, announced a 15% rise in standalone net profit for the quarter ending December, reaching Rs 11,792 crore, aided by increased core income. The net profit had been Rs 10,272 crore during the same period last year.

The lender reported an increase in total income to Rs 48,368 crore from Rs 42,792 crore a year prior, as indicated in its regulatory filing. Interest income also grew to Rs 41,300 crore from Rs 36,695 crore. The bank's net interest income (NII) rose by 9.1%, hitting Rs 20,371 crore in Q3-2024.

Improved asset quality was evident with a drop in the gross non-performing assets ratio to 1.96%. Future growth strategies include strengthening digital channels, as highlighted by Executive Director Sandeep Batra. The board approved reappointments for key executives, pending regulatory and shareholder approvals.

(With inputs from agencies.)